Numerous investors from all over the world for the Italian project that aims to carve out a prominent place for itself in the feed market with an ethical, sustainable and protein product.
Ittinsect, the Italian biotech startup that has developed a viable sustainable alternative to classic aquaculture feed, closes its first investment round with an eye-catching €625,000 raised thanks to investments from CDP Venture Capital sgr, Norwegian fund Katapult Ocean, Portuguese Indico Capital Partners and LVenture Group.
The young startup’s goal is clear: to become the European benchmark for the development of alternative proteins through the valorization of by-products through biotech processes. Considering the first round of investment and the awards won among various competitions, we can consider a starting capital of about 750,000 euros.
Ittinsect produces nutrient-efficient feeds through biotechnological processing of new ingredients, including insects, microalgae and agricultural byproducts. The purpose of the feeds is to offer support to fish companies to produce a fish with zero impact on the marine environment by avoiding fishing at sea for feed production. The company was officially established in 2021, has a team of experts in biotechnology, marine biology, fish nutrition and environmental sustainability.
“The team and I hold the investors in high esteem. Each of them has great expertise. Working in synergy, they have played and will continue to play an important role in Ittinsect’s growth. We all work with a clear goal: to make aquaculture independent of marine resources, increasing the sustainability of the various plants,” comments ceo and founder Alessandro Romano.
Business plans estimate that by the end of 2023, 1,500 tons of sustainable, high-nutrient feed for aquaculture will be produced and delivered. The company is already aiming to expand its existing product offerings (currently for trout and sturgeon) with feeds for saltwater fish, probably sea bass and sea bream.
“Ittinsect is the perfect example of a startup with a solid business model and a product that is appreciated in the market, sustainable and well made. The team is bold and prepared with clear goals in mind. Indico Capital strongly believes in the project and hopes that, with its support, Ittinsect can make an impact on a global scale,” adds André de Almeida Santos, partner at Indico Capital, which has been investing in the blue economy market in Portugal for years.
An interesting, sustainable project with worthy partners, Ittinsect’s journey has just begun but it is worth betting on them.